If I'm the Hornets I would try to package him with Posey, Petterson or Peja for a draft pick and instant cap relief.
NO is struggling financially as a franchise and they've already committed themselves to some rediculis contracts (Emeka Okafor due over 50 million over the next several seasons). David West will eventually become a free agent as his player option is only for around 7 million in 2 years.
This team will be one of many that will be hit hard by the likely lockout. The best move for this team is to package either CP3 or Collison (if his value stays high) with Okafor so they can get out of his crippling contract and survive the lockout. It's an unfortunate scenario but if they cant retain West then maybe it's best to try and start over again via draft picks.